Rigorous Adherence to Your Trading Plan is the 1 Factor to be Consistent (2024)

May 20, 2021 | 1:43 pm | Successful Traders

May 20, 2021 | 1:43 pm
Successful Traders

“Rigorous adherence to your trading plan is the 1 factor to be consistent.”

Brandon is a Level 3 Funded Trader. He has successfully passed two Level 1 accounts on a $20K low-risk program. Then with only 5 trades,he passed again the two 80K level 2 accounts.

Now he is trading two levels 3 accounts, each one with 160K. His next mission is to reach 10% gain profit to double his funds to $320K on each account.

We spoke with Brandon about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.

Click here for more Inspirational lessons and interviews from ourprofessional funded traders.

First Level 1 Low Risk 20K Account

Second Level 1 Low Risk 20K Account

Second Level 2 Low Risk 80k account

• How were you introduced to trading?
  Through some social media friends.

• How long did it take for you to become a consistent trader, and in which aspects did you make a change to become consistent?
  It took me just over three years to become a consistent trader. The biggest key is focusing on process over outcome. Many people talk about setting daily pip goals, but that is ridiculous and can lead to overtrading and revenge trading. Rigorous adherence to your trading plan is the #1 factor that led to be being consistent.

• Do you have a specific trading plan?
  Yes, I do, and everyone should. My trading plan defines the markets I will trade, what time frames I analyze, the specific setup I am looking for. From there, I define exactly how I will enter the trade, manage my stop losses, and exit the trade. I also have criteria on if I decide to re-enter a losing trade.

• Please describe your trading routine?
  I meditate 15 minutes before I open my charts (this is also in my trading plan), and I am prescribed medication for ADHD, and I do not trade if I haven’t taken medication or if it is outside of its effective window for working.
• Do you have any risk management techniques? If so, please, elaborate?
  Yes. I think it is important to lock in profits. Depending on my availability with my day job, this is either systematic, i.e., set based upon an ATR, but if I am available to monitor to the charts, I prefer to use technical.
  

• What was your biggest challenge in trading, and how did you overcome it?
  Impatience. Meditation, Positive Affirmations, and interestingly enough – Hypnosis!

• What was the key moment of your trading career?
  So I have access to institutional research from the desks of big trading banks like Bank of America, TD, Commerz, HSBC, Goldman Sachs. One day I did some technical analysis on EUR/USD, and as I was looking through Goldman Sachs research, one of their head FX traders had the EXACT same markup on his chart. It was that day that I knew I had the technical know-how to trade: from there, it was refining entries, risk management, and psychology.

• What do you think are the most important characteristics for maintaining a stable trading career?
  Discipline and Patience.

• Do you apply any mental/psychological routines while trading? Please elaborate.
  I do mindfulness meditation daily before opening the charts. Also, I closely monitor my emotions during trades and use a hypnotherapist to help rid my subconscious of negative thoughts around trading like impatience or anger. – and also overly positive thoughts about winning trades.

• What was your strategy to successfully passing The5%ers’ First Level, and what would you recommend to someone who is just starting with us?
  It was actually done mostly off one trade. Through my access to institutional research, I had a sentiment that USD would turn bearish and that worldwide growth prospects are looking brighter. I took a long EURUSD to exploit this several days before NFP and was able to lock in a profit before NFP. Then a bad number helped the trade. Sunday, I got back in the trade during the Asian session after a solid inside bar.
• What would you recommend to someone who is just starting with us?
  Taking only setups which presented a very high-risk reward ratio.

• Please share your recommendations for online resources that were/are significant in your trading development.
  This website provides a good fundamental breakdown of many different market sectors – https://think.ing.com/.
  Checkout Brandon Instagram @brandon.Radford

• Would you like to share anything else with us?
  I want to tell my teammates from Capital Bandits that I hope to see you guys soon to get funded through 5%ers.

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